MLabs Financial Analyst serves in the following capacities: (1) as primary support to the business development manager to perform finance related functions and other activities related to business development (secure potential and maintain existing MLabs clients), (2) primary performance and management of MLabs client and patient accounts receivable, and (3) client engagement related to fee schedules, billing, and collection activities. Collaborating with Pathology Finance, this role is responsible for maintaining and updating the MLabs annual fee schedule with tiered pricing, providing financial analysis of prospective and current clients, producing and distributing all client invoices/bills for services rendered, ensuring timely payment of invoices by clients through collection engagement when necessary, producing and distributing activities and management reports as well as other requested fee related requests from clients.
As primary support to the Business Development Manager the MLabs Financial Analyst researches and collates information related to third party payer networks, hospitals, hospital chains, competing reference and specialty laboratory test menus. The MLabs Financial Analyst will provide dashboards and reports as necessary for the Business Development Manager (and Leadership Team) related to potential and existing clients, research regarding third party payer networks related to national brand channel clients, competitor analysis and annual fee schedule review, updates and communications.
Working with Business Development Manager, assist with client discounted fee schedule preparation and maintain MLabs Client Fee Schedules with incorporation into MLabs database. Provide client and third party (insurance) fee schedules requested by client directly or indirectly by Sales Representative in preparation for client proposal or site visit. Calculate projected revenue.
In collaboration with Pathology Informatics and MLabs IT Project Manager as needed, prepare client specific activities and management reports, and/or limited reports specific to client needs.
Assist with financial component of Requests for Proposals (RFP).
Prepare MLabs financial cumulative summaries, monthly trend activity reports for clients and internal users, upon request.
Maintain and update Pathology Billing Portal Database: Client Fees, CDMs, and Client Location Tables.
Produce, review the accuracy of, manage MLabs client monthly HB and PB Billing Statements:
Each month MLabs submits two separate billing statements, HB (hospital or technical charges) and PB (professional charges) to those clients established with a client bill arrangement.
MLabs Financial Analyst reviews and validates the accuracy of the billing statements.
Production of the HB statements includes manual reconciliation between charge posting and negotiated client fees for potential system errors. MLabs expectation is that client billing statements will be sent to clients by the fifteenth (15) of each month, making this a time sensitive job duty, which may result in additional work hours per week.
Review charge history and provide feedback to Pathology Billing charge entry staff for purposes of education and process improvement.
Prepare monthly HP client charge reconciliation for MiChart. Each MLabs Client is set up as an institutional account within MiChart. The MiChart Client balances reflect gross charges, not the actual discounted client fees billed on the MLabs HB Statements. MLabs Financial Analyst provides hospital facility the amount to be adjusted for each individual client account, which averages 140 accounts per month. This is an important step in the accounts receivable process.
Manage delivery of MLabs HB and PB statements by mail, facsimile, secure email and MiShare based on client preference.
Monitor accounts receivable and produce aging report for review by MLabs Leadership Team. Provide report of payment history to form basis of annual tiered discount fee schedule determination. This may involve set up of an external accounting application (e.g., Quickbooks).
Reconcile courier and venipuncture fee charge backs to clients in advance of final billing statements monthly.
Perform bi-weekly investigation of failed fees prior to statement generation.
Responsible for managing all MLabs client bill Accounts Receivable, including reconciling outstanding account balances, and preparation of periodic reports on accounts receivable and past due status. Responsible for collection activities including sending follow-up inquiries, negotiating with past due accounts on repayment terms, and decisions on referring accounts to collection agencies and/or writing off accounts receivable. On average, there are 140 MLabs Client Accounts Receivable monitored and reconciled monthly. Detailed monthly payment history for the individual accounts is recorded. Clients with large outstanding balances are monitored closely and MLabs Financial Analyst is first to follow up directly with the client to facilitate resolution.
Support MLabs Client Services for both Client and Patient billing inquires, including prior and retro authorization questions, provision of client and patient fee information, and onboarding of new Client Services staff. MLabs Financial Analyst must be currently experienced or within thirty (30) days of hire receive training in the use of Salesforce to accurately record client service encounters.
Serve as primary liaison for MLabs Patient and Client billing concerns. Prepare Client billing update notifications. Prepare and assist with creation of and updates to MLabs Billing policies and procedures. Assist with onboarding of new clients and update billing contact information in Salesforce application.
Review, validate, correct and approve all Billing Change Request Forms received from MLabs Call Center for final correction to billing database and/or resubmission of charge by Pathology Billing.
Serve as primary liaison for facilitating client electronic and credit card transactions.
Serve as primary liaison for resolution of MLabs related MiChart or SOFT third party (insurance) billing issues (technical and professional charges).
Respond to inquiries and requests from Michigan Medicine Billing regarding MLabs billing issues including sending medical record requests to Utilization Review for appeal of denied insurance claims. Assist with resolution of billing related concerns in relation to Michigan Medicine / MLabs participation in Joint Venture Hospital Laboratory (JVHL) and GreatLakes Laboratory (GLN) networks.
As with all positions, this description provides details of expectations. The position responsibilities may change to meet the immediate as well as long range goals of the division
Bachelor’s degree in business or healthcare administration, finance, accounting, or equivalent combination of education and experience.
1 – 3 years relevant professional experience with client/customer engagement.
Demonstrated commitment to Service Excellence
5 – 8 years of relevant professional experience working in a reference laboratory or large health care system environment with understanding of third party payer billing requirements.
2 – 5 years of relevant professional experience working in a reference laboratory or large health care system environment with understanding of third party payer billing requirements.
Master’s degree in healthcare administration or finance.
Working knowledge of prior authorization requirements
Ability to create and read financial dashboards and business development related dashboards with available contact resource management software.
With the guiding vision of driving tomorrow’s health care solutions with cutting edge personalized laboratory information and consultation, MLabs functions as a portal to provide easy access to the expertise and sophisticated testing needed for pathologists, clinicians, health care systems, and commercial laboratories to meet today’s diagnostic challenges.
By being a true partner with our clients, MLabs has become a recognized leader for advance diagnostic testing, helpful consultations and exceptional customer service.
Our promise and commitment is to deliver the highest quality laboratory results to meet the needs of today’s patients in a cost effective and personalized manner.